Borrowing Base Property definition

Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

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Borrowing Base Property means any one of the Borrowing Base Properties.

Borrowing Base Property means, as at any date of determination, any Eligible Property which is taken into account in calculating the Borrowing Base Value.

Examples of Borrowing Base Property in a sentence

• Nothing in this Agreement shall impair the lien of any Security Instrument, which as hereby amended shall remain one deed of trust with a power of sale, creating a first lien encumbering the Borrowing Base Property described therein.

• The term “Material Title Defect” means any lien, charge, contract, encumbrance, defect or irregularity of title that reduces the PV10 Value of a Borrowing Base Property to less than 65% of the PV10 Value that was assigned to that Borrowing Base Property in the most recent Reserve Report.

• Contemporaneous with any disposition of a Borrowing Base Property, Borrower shall make a mandatory prepayment on the Operating Note in an amount sufficient to eliminate any Borrowing Base Deficiency resulting from such disposition; provided that 100% of the net cash proceeds of such disposition will be paid on the Operating Note if such disposition occurs during the continuance of a Default or an Event of Default.

• Borrowing Base Property includes all properties whether designated as “Proved Developed Producing Reserves,” “Proved Developed Nonproducing Reserves,” or “Proved Undeveloped Reserves”.

• The term “Production Volume” means the estimated monthly production, expressed in thousand cubic feet for natural gas and barrels for oil, from a Borrowing Base Property, as set forth in the Reserve Report that is prepared in accordance with the methodology set forth in this Credit Agreement.

More Definitions of Borrowing Base Property

Borrowing Base Property means an Eligible Property that is included in the Unencumbered Pool pursuant to Section 4.1. Unless otherwise approved by the Requisite Lenders, a Property shall cease to be a Borrowing Base Property if at any time such Property shall cease to be an Eligible Property.

Borrowing Base Property and “Borrowing Base Properties” shall mean, the Individual Properties initially listed in Schedule 6.14.2(i) hereto, plus any Individual Property which subsequently becomes a Borrowing Base Property in accordance with Section 3.4 hereof, but excluding (i) any Borrowing Base Property which is determined by the Administrative Agent to no longer be a Borrowing Base Property in accordance with Section 3.3, hereof, or (ii) any Borrowing Base Property which is released in accordance with Section 3.2 hereof.

Borrowing Base Property means a property that is designated as such by the Borrower in accordance with the terms of the Loan Documents and is an Eligible Property.

Borrowing Base Property means, at any time in question, any Oil and Gas Property to which Proved Reserves were attributed in the then most recent Reserve Report.

Borrowing Base Property means any one of the Borrowing Base Properties, provided that after the date that is six (6) months after a Borrowing Base Property becomes a Dark Property, said Property shall no longer constitute a Borrowing Base Property and its Borrowing Base Asset Value and Adjusted Borrowing Base NOI shall be excluded when calculating the Borrowing Base.

Borrowing Base Property means, as of any date of determination, each Real Property:

Borrowing Base Property means, as of any date of determination, each Property identified on Schedule 1.1(b) which is subject to a Mortgage, and any Property added to the Collateral pursuant to Section 8.17(b), but excluding any Parcels of the foregoing Properties now existing or in the future created and released in accordance with this Agreement.